On a calendar-adjusted basis, Turkey’s industrial production rose 4.7% y/y in March (market forecast: 0.9% y/y), after increasing 0.9% y/y in the previous month, data of the statistics office TUIK showed on May 8.
Durable consumer goods production was up 1.6% y/y, energy output rose 1.5% y/y, capital goods production increased 3.2% and manufacturing production showed a 2.5% y/y rise in the month.
Industrial production increased 2.2% m/m in March, following a 1.8% m/m rise recorded in February on a calendar and seasonally adjusted basis.
On an unadjusted basis, Turkey’s industrial production increased a robust 4.8% y/y in the month (market forecast: 2% y/y) after rising 0.9% y/y in February and contracting 2.2% y/y in January.
The central bank said in April that Q1 data pointed to a relatively weak outlook for economic activity. This slowdown was largely due to the weak external demand, volatility in financial markets and adverse weather conditions, said the bank, adding that economic activity is expected to grow gradually and moderately from the second quarter onwards, downside risks remain important.
| Industrial Production by main Industrial Groups (March) | ||
| (%) | Calendar Adjusted | Seasonally & Calendar Adjusted |
| (y/y) | (m/m) | |
| Total Industry | 4.7 | 2.2 |
| Intermediate Goods | -0.9 | 1.2 |
| Durable Consumer Goods | 3.6 | 1.6 |
| Non-durable Consumer Goods | 7.2 | 3.6 |
| Energy | 2.7 | 1.5 |
| Capital Goods | 15.9 | 3.2 |
| Source: tuik | ||
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